xxxiv   T {l"ESTY- 11XTH l"SCAL REPORT OF TRE

LIFE INSURANCE POLICY VALUATION.

Chapter 341 of the Laws of 1884, which by its terms took effect December 31, 1887, established, for this State, a new standard " for the valuation of life insurance policies and obligations connected therewith," namely, the actuaries, or combined experience tables of mortality, with interest at four per centum per annum. As this new standard was in force on the last day of the calendar year 1887, all life insurance companies reporting to this Department, and filing annual statements of their condition on that day, were required to state their premium reserve as computed according to the new standard of valuation.

In consequence of this change of standard, and in order to effectually carry out the provisions of this new law, the Legislature provided, in chapter 460 of the Laws of 1887, that this Department should undertake the work of preparing a large variety of new valuation tables computed according to the new standard and adapted to the various forms and varieties of life insurance policies at present in usA by companies doing business in this State.

During the last year the Department entered upon this work and is still actively engaged in its prosecution. The style of the tables will be similar to that of the American Experience Tables of Mortality at four and one-half per centum per annum, computed and prepared by this Department eighteen years ago, with some slight changes suggested by their use.

Very satisfactory progress has been made in the work thus far, there being now nearly ready for delivery, by the printer, three sheets of commutation and valuation col-